Why I voted NO by Eric Cantor
Yesterday, when the roll was called, I voted against the misnamed economic stimulus plan which ultimately passed the House.
The American economy is hurting and that means Americans are hurting. Middle class families are being hit with continuing layoffs and our retirement and college savings are being ravaged by the markets.
We should be acting boldly to preserve, protect and create jobs. We should cut taxes on small businesses and middle class families to help create jobs.
Unfortunately, Nancy Pelosi has crafted a “stimulus” bill which will do little if anything to stimulate the economy. The bill presented to the House is a borrow and spend bill which would drive this years’ deficit to over 2 trillion dollars.
It is simply not accurate to describe this bill as an economic stimulus plan. It is however a massive government spending plan.
Here is some of what is currently in the plan:
- It creates 32 new federal programs, totaling $136 billion. (37 percent of the total cost)
- It expands 60 existing programs, mostly programs favored by the political left.
- It spends $6 billion in corporate welfare to help broadband companies get more customers.
- It spends $600 million to “prepare our country for universal healthcare”.
- It spends $1 billion on Amtrak.
- It spends $400 million on climate change research.
- It spends $50 million on the National Endowment for the Arts.
- It spends $3 billion on a new “prevention and wellness” fund, which includes $335 million for sexually transmitted disease education and prevention.
Every penny is passed on to our children and grandchildren in government debt and will undoubtedly lead to massive tax increases in the future.
This reckless spending is why I voted NO.
Now the bill goes to the Senate and later will come back to the House. As the process continues I will try and advance an alternative bill which I believe would unshackle the American economy and create millions of jobs.
Our plan calls for a smarter simpler stimulus plan with twice the jobs at half the cost. No waste, no delay, just jobs.
- A 20% tax cut for small business to create jobs.
- Across the board tax cuts for middle class families.
- Extend bonus depreciation on small business expenses to encourage investment.
- And, to help our neighbors who have been laid off, we want to eliminate income taxes on unemployment benefits.
This plan would stimulate the economy and create millions of new jobs.
I think most Americans know that cutting taxes on small business and middle class families will do more to stimulate the economy and create jobs than Nancy Pelosi’s massive borrowing and spending.I will try and keep you informed as the debate in Washington continues.
Sincerely,
Eric Cantor
Filed under: Everything Else
